Almost three-quarters (72%) of shoppers are facing shortages of retail products as a quarter (25%) of consumers stockpile goods.
That’s according to a survey of 2,000 nationally representative households conducted by consultancy Retail Economics and law firm Squire Patton Boggs.
As fears of the coronavirus grow, one in four consumers admitted to stockpiling staples such as tinned food, dry goods and frozen foods, as well as toilet roll, paracetamol and hand wash. The proportion stockpiling has risen considerably, up from one in 10 consumers reported just two weeks ago.
Panic buying has left almost three quarters (72%) of consumers frustrated, saying that they have experienced difficulties in buying the products they want because they have been out of stock.
Although nearly two-thirds (63%) now believe the coronavirus is a high threat to UK health – rising sharply on 36% two weeks ago – 15% of consumers cannot afford to stockpile despite having fears of shortages.
Online is anticipated to benefit as more people stay at home, with two thirds (64%) of consumers saying that they would buy more products online in the future to avoid physical destinations if the virus persists. And in the future, the majority of people intend to avoid public transport (63%), while those avoiding shopping locations could double to 49%.
Richard Lim, CEO of Retail Economics, said: “People’s perception is their reality and images of empty supermarket shelves are fuelling one in four to stockpile essentials, leaving many others unable to find the products they need.
“The majority of UK consumers now believe the coronavirus is a high threat to health. Naturally, they have battened down the hatches, focussing on essentials as their natural order of life comes under threat.
“The industry was already under intense pressure before the breakout and it appears unavoidable that many retailers will be pushed to breaking point. What’s more, with the retail property market already reeling from intense structural change, many landlords will find it a struggle to support their occupiers with rent holidays. The government has swiftly and decisively to try and ensure the wounds inflicted on the industry do not scar it indefinitely. Only time will tell if they have gone far enough.”
